UPDATE: TD Bank Posts Upbeat Q3 Profit

Toronto-Dominion Bank

reported upbeat earnings for the third quarter. The Toronto, Canada-based company posted a quarterly profit of 2.11 billion Canadian dollars ($1.94 billion), or C$1.11 per share, versus a year-ago profit of C$1.52 billion, or 79 Canadian cents per share. Excluding items, the bank's earnings climbed 37% to C$2.17 billion, or C$1.15 per share, versus analysts' estimates of C$1.09 per share Toronto-Dominion Bank's insurance claims and related expenses declined to C$771 million versus C$1.14 billion. The bank's earnings from its Canadian retail division surged 54% to C$1.4 billion, while profit in its US retail banking operation jumped 4% to C$485 million. Its wholesale banking earnings also gained 46% to C$216 million in the quarter. "TD's third quarter was especially strong, even after taking into account the additional charges in our insurance business last year," said Ed Clark , Group President and Chief Executive Officer. Toronto-Dominion shares rose 0.56% to $53.50 in pre-market trading.